Hi fellows, I am back with another doubt. What will happen if someone submits counterfeit checks and withdraws money from my account? Who will pay for damages? Me, or my bank?
To clarify, you are referring to, if someone took your account and routing number and literally made a fake check or ACH transaction to the account? You would not be liable for the transaction. However, there is a window that you have to identify and notify your bank of the unauthorized transaction. The sooner the better. You probably have to fill out a report or affidavit, but you aren't liable if someone starts writing fraudulent checks from your bank account. The actual liability will normally fall on the bank or business that allowed the person to cash the check.
I think bank will block your account for depositing multiple counterfeit checks. There's no point in withdrawing money then Bank will be interested in investigating as to why multiple counterfeit checks were deposited